Why Your Business Needs to Invest in A Modern Retail EPOS Software System
For years, Electronic Point of Sale (EPOS) software has been growing in use, and it’s easy to see why. EPOS systems help tie together every aspect of your retail operations and can even be linked to other business systems, such as your inventory, ERP, accounting or CRM systems, to yield further benefits. Today’s EPOS software solutions can do so much more than simply provide a platform for taking sales. If you’re still using older software and entry systems that are little more than glorified cash registers, your operation could see so many benefits from upgrading. In this article, we’ll talk a bit about how retail EPOS software can radically change how you conduct sales and track your inventory – changing the in store experience all for the better. Seven Reasons It’s Time to Upgrade Your EPOS Software Accept a wider range of payments Any till or EPOS system can accept payments – but in a global sales environment, you need options for taking payments in as many forms as possible. Along with standard forms of payment like cash and credit card, modern EPOS systems can take several other forms of payments such as mobile wallet payments, multi-tender payments, deposits and more. The easier it is for your customers to pay, the more they’ll come to prefer you over the competition. This can be particularly vital if you’re expanding operations into countries where you have a minimal physical presence and need ways of handling local payment methods. An all-around better customer experience Retail EPOS software makes life easier for your customers in multiple ways. Beyond accepting more types of payments, your sales staff will easily be able to access product and other inventory data from across your store estate – allowing them to respond to enquiries, giving out accurate information to allow customers to purchase what they want in the most convenient way possible. Never miss a potential sale! Providing a personalised service also becomes possible with inbuilt loyalty systems; and that’s vital as customisation becomes a key differentiator on a competitive high street. Your systems build up knowledge of what your customer preferences are, so why not upsell by recommending other products they may like, or reward loyal customers with targeted promotions? Even when handling standard in-person sales, a good EPOS will speed up processing at till point, reducing queues and also errors. Products can be scanned with prices, markdowns and promotions all applied correctly and securely. This not only adds up to an improved customer experience – and your customers will appreciate it, but it also ensures that your sales data is correct and free from manual processing errors or fraud. Detailed inventory tracking Inventory tracking is standard in any modern EPOS software, and it’s vital for improving efficiency within your retail business. There are no more entering sales figures by hand, a time-consuming and error-prone process. Every sale of every product, via every point of sale, is tracked and synchronised instantly in real-time across your store estate and in your central inventory management or ERP system. This single view of stock is essential when managing customer demand and your retail business effectively. Deep analysis of your sales data By tracking inventory over time, you gain access to a wealth of data on sales trends and how well particular product lines are doing, right down to SKU level – colour and size. You can gauge customer interest – particularly if the EPOS is also tied into your Customer Relationship Management (CRM) system. Report on sales on a daily, weekly, monthly, or yearly basis. Identify your best salespeople, or which products have the most appeal to various locations or demographics. Since all this information is real-time, you get up-to-the-second reports whenever you need, enabling you to respond just as quickly There’s no easier or more robust option for staying on top of your sales figures, no matter how large or sprawling your operation may be. Plus, as time passes, you’ll amass a huge amount of historical data which can then be analysed to predict future trends. This allows for precise ordering, store allocation and stocking. Improved accounting and cash management With all data tracking being handled electronically, accounting and cash management become far easier as well. System data will be more reliable, with automated systems in place to ensure all the numbers add up. Also, since all transactions are tracked including post-sale activity, this means actions such as refunds or exchanges are also instantly entered into the system and accounted for. Reconciling your books has never been easier, with fewer opportunities for human error to cause problems. Plus, since EPOS systems can track employee behaviour, you’ll be able to easily spot your best representatives, so that you can make the most of their skills and strengths. Electronic receipts and other reduced paper waste Paper receipts are quickly going away, and that’s great for both the environment and your budget. EPOS systems can easily generate electronic receipts or create digital equivalents for any other type of paperwork as well. Employees will be more efficient, if they never have to manage and store paper. They’ll lose fewer documents, and spend less time creating them in the first place. In addition, digital receipts offer further marketing opportunities. We touch on this further in the next point, but if your systems are GDPR compliant and allow you to collect marketing preferences, then why not use your digital receipts to inform your customers of relevant promotions, or take the opportunity to upsell similar products that may be of interest, based on purchase history? This can work to the advantage of the customer as well, since you can harvest their email address and email them any crucial documents – making it harder for them to lose important paperwork. It’s also simpler to re-send any documents they might need, with very little hassle. Leverage your EPOS for improved marketing When your EPOS and CRM systems are linked, there are nearly endless opportunities for improved marketing. Just as a few examples: Do deep
What You Should Look for In A Retail EPOS Software Package
Is it time to update your point-of-sale software? Modern retail EPOS software offers numerous advantages that weren’t available just a few years before. In particular, today’s retail EPOS systems are going to be beneficial to businesses looking to embrace digital transformation and move towards a data-based approach to their work. Here are some of the features you should look for in a new EPOS system – and the benefits they could bring you. Four Features to Consider When You Upgrade Your Retail EPOS Software Multi-Channel Retailing and Single View of Stock Chances are that in the modern world, you don’t do all your sales face-to-face. Most retail brands today host online sales channels as well – and their EPOS system should be compatible with this multichannel approach! A good EPOS software package can integrate with your e-tail software. This doesn’t merely help you track stock across your entire business, it also offers numerous potential customer benefits, such as connected customer experiences like collect in store options. Compatibility with Your Payment Processor(s) The world of payment options has expanded drastically in the past few years – has your old EPOS system been able to keep up? With different types of digital transactions, contactless payments, even digital currency like Bitcoin, there are a lot of new ways you can make it more convenient for your customers to spend. Supporting more payment choices will bring in more customers who appreciate flexible options that are suit them. How Handheld Devices Are Utilized Some EPOS software supports the use of handheld devices, like smartphones and tablets for taking payment. Other solutions have their own dedicated hardware, which can require additional investment, but often pays off in terms of reliability, fit for purpose and durability. For example an all in one scanning and payment device will ensure that you are able to scan barcodes quickly, every time, and not have to worry about wireless connection to additional devices. Strong Customer Service Don’t only look at the hardware and software features, also look at the vendor. You may have a need to call tech support for your EPOS, and the vendor should be able to offer full support during your local store hours. You don’t want to be left hanging if the customer has a problem, and you don’t know how to resolve it. Embrace Modern Retail EPOS Software with Eurostop Eurostop is one of the most-trusted EPOS system vendors in the world, with options to fit businesses of any size and budget. Contact us to discuss your needs!
Tips on Getting the Most from Your Retail EPOS Software
So, you’ve decided to invest in your retail EPOS software. That’s an excellent decision! More and more businesses are investing in digital transformation, and for many retail operations, that begins with a vendor that can provide a unified commerce approach. Your retail EPOS system can streamline day-to-day operations, while also collecting and collating huge amounts of actionable data you’ll benefit from in the future. Four Ways to See Great Returns from Your Retail EPOS Software Know the Basics Be sure you, and all your staff, understand what is available and how to use all the features of the software. If you have invested in a modern EPOS system, you want to make sure that you get the most out of the system. In particular, know: How to add items to the sale, including scanning barcodes, and how to use the product search feature in the EPOS system. Any hotkeys or shortcuts, like those for commonly purchased items. How to apply discounts, including managing permissions for different types of discount. The procedures for taking payment in various forms. Don’t forget less-common options such as gift cards or split payments, if you offer these. How to use the loyalty/points program, if applicable, and managing customer accounts, including obtaining and recording consent – an essential under the GDPR if you are collecting and processing personal data of EU citizens. Digitize Your Inventory Management A retail EPOS system works best when it’s also used to track inventory. Any good EPOS software will be able to integrate directly with an Enterprise Resource Planning (ERP) package, synchronising sales, customers and stock with Head Office. You will be able to setup product information like details, prices, markdowns and promotions centrally, which streamlines operations by reducing manual error, increasing accuracy of information and optimising resource. Embrace Digital Customer Management One of the more advanced features of EPOS software is the ability to track your customer spending behavior – especially if you’re using a loyalty program that helps you collect data on them. By analysing your customers’ shopping habits, you can introduce promotions and offers which better suit their needs or encourage repeat spend. Utilize Multi-Location Support To provide efficient customer service and a unfied commerce experience, being able to manage multi locations and channels is a must. You will need to get a big picture overview of how your business is performing and your customers’ shopping habits and it’s also an excellent way to be able to satisfy customer demand. For example, searching stock at multiple locations to fulfill a customer request, so that you never lose a sale. Eurostop is one of the world’s most-trusted EPOS vendors. Click here to contact us and to discuss your needs with us.
Testimonials
Testimonials Fowlers of Bristol “What really makes Eurostop stand out from their competitors is their high functionality, stock management capabilities and extensive reporting system; all of which are essential to aid our motorcycle retail business.” Trotters Childrenswear “Eurostop made the changing of systems as seamless as possible. Their team is enthusiastic and passionate about improving business processes and best practice and we have no doubt that they will be helping to take our business to the next level.” Pulsara “From day one, working with Eurostop has been a joy. Their attention to detail and seamless communication cannot be commended enough” Tiso Store “The stock replenishment facility within e-rmis was exactly what we were looking for. It gives us far greater control of store replenishment, enabling us to pick wirelessly and despatch accurately.” Excess Baggage “(We) switched to Eurostop head office and epos systems for our worldwide operation in 2023. It is an easy to use POS system which is fiscally compliant in France and most other European countries. Project managers were easy to work with and the transition to the new system was smooth.” Suit Direct “We switched to Eurostop’s EPOS system at the start of 2019 and haven’t looked back, currently running in 30+ stores. The migration was straight-forward with plenty of hands-on support from their team. Store installs, moves and issues are always resolved in a timely, professional manner. We’ve required software customisations and interfaces to 3rd parties that have been no trouble for Eurostop to provide.” Gaynor Sports “We have been working with Eurostop for over a decade, and found their services to be attentive and effective. There have of course been technical issues needing prompt resolution, and Eurostop’s support has been there to resolve them in a timely manner. Quick to contact, easy to talk to, and necessarily explanative. Would highly recommend.” Sandersons Department Stores “Eurostop’s Fulfilment solution and ‘SKapp’ and ‘Whapp’ apps have been instrumental in improving our efficiency and handling our increased web sales. We especially appreciate the responsiveness and collaborative approach from the Eurostop team.” “The Eurostop team did a great job working with our other third party vendors to get the seamless customer experience. Everything works more smoothly, transactions are faster and customer service is improved. They are a truly collaborative vendor and never shy away from their responsibilities. Their approach has always been ‘how can we fix that or make that happen?’ We really do trust Eurostop to look after our business,” Eurostop has made replenishment and fulfilment seamless. The automatic requests save us so much time, we can share stock easily across the warehouse and stores, and fulfil customer orders much faster. The resulting commercial success with our multichannel business is one of the key reasons why we won Drapers Independent Award. Now that our Central European store rollout completed over this past weekend, I just wanted to express my sincere thanks to you and your team for supporting us on what has been an incredibly aggressive rollout schedule. If an internet order comes in that the warehouse cannot fulfil but a store can, the system automatically sends a fulfilment plan to that store. It takes into account branches local to our warehouse thus enabling us to move stock seamlessly to the warehouse to be dispatched. As well as helping us to streamline stock management it’s a totally transparent system that enables us to provide a better service to our customers. At Joseph customer service is of paramount importance to us so we always notice when we receive good service ourselves. Eurostop has always given great service and support. We have an excellent business relationship with Eurostop and since making the decision to go with their products have never looked back. Eurostop has helped us to grow the business by taking care of the systems side of the business while I concentrate on the entrepreneurial side. Our expansion plan means that we need a flexible robust system to manage every aspect of the business and Eurostop’s system more than cater for this need. Previous Next Consult us. We’re here to help We understand that you might want to discuss your requirements and have questions about what our retail technology can do for you. That’s why we think it’s important for you to be able to speak to one of our retail experts to help navigate the process. Contact us for a free consultation and we’ll help you come up with the best result for your business. Book A Demo
Careers
Careers Our success as leaders in the retail system market in the UK is founded on the people that we employ. We are always looking for talented individuals who are innovative, motivated and passionate about delivering great products and exceeding our customers’ expectations. In return for your commitment, we offer excellent training and development opportunities. If you are interested in a career at Eurostop, please see a list of current vacancies below. Send your CV along with a covering email to [email protected]. By submitting your application to Eurostop, you are giving your consent for Eurostop to process this information for the purposes of recruitment. Your information will not be transferred outside of the EU or to any third parties. Eurostop keep application forms and interview notes for a period of 1 year. If you are unsuccessful, we may also ask you if you are happy for Eurostop to keep your details and application for future reference, should a suitable opportunity arise. You may request for your information to be erased at any point by emailing [email protected] Are we a perfect fit? Get in touch if you would like to join our team At Eurostop, we believe that it’s so important to get ‘the right fit’. We are committed to providing opportunities for career development and growth, but equally, we want our employees to be happy and inspired. If you think a career at Eurostop would be right for you, please get in touch. Contact us .NET Application Developer This is a role for a skilled developer to play a significant part in the development of the company’s flagship applications for an individual who is strong in C# development for web-based and mobile applications with SQL and no-SQL back-ends. This role offers the chance to make a significant contribution and to develop new product lines. Preference will be given to candidates with: Experience of algorithmic development Experience of architecture design based on patterns and practices Good work organisation using ALM tools Experience of developing universal mobile apps for iOS and Android. Experience of working with nRule, GraphQL, Blazor .NET, Orleans, Docker, Kubernetes Required skills 4 + years’ .NET development with C# Strong knowledge of .NET web stack (ASP.NET MVC, Angular JS, Web API) Some familiarity with WPF for desktop Experience of developing on .NET core Experience of DDD and DI 2 years’ + experience of working with Microsoft SQL Server Experience of working within an agile environment Experience of developing modular and re-usable components Good verbal and written communication skills Project Manager We are currently recruiting for a Project Manager to join our Projects Team at our London Headquarters. As a Eurostop Project Manager, you will work on both internal and external projects which include customer or partner based projects. You will be responsible for the successful planning, management, coordination, identification of risks, financial control and deliverables of the project, within scope and on budget. You should be skilled at getting the best out of the people and projects that you oversee, and will be working with various employees at Eurostop, reporting directly to the Head of Projects. Responsibilities Define project scopes and objectives, involving all relevant stakeholders and ensuring technical feasibility. Create and maintain comprehensive project documentation, including defect log and risk assessment etc. Coordinate, manage and motivate internal resources and third parties/vendors for the execution of projects. Ensure that all projects are delivered on-time, within scope and within budget and that the desired result is achieved. Ensure resource availability and allocation. Develop a detailed project plan to track progress. Monitor and manage the project by monitoring the project plan to control activities. Use appropriate verification techniques to manage changes in project scope, schedule and costs. Report and escalate to management as needed. Perform risk management to minimise project risks. Implement any necessary changes throughout the process. With stakeholder and third parties/vendors: Establish and maintain relationships Communicate on progress Monitor to ensure guidelines and requirements are maintained About You Strong educational background Proven working experience as a project administrator in the information technology sector Solid technical background, with understanding or hands-on experience in software development and web technologies Excellent client-facing and internal communication skills Excellent written and verbal communication skills Solid organisational skills including attention to detail and multi-tasking skills Good communication and negotiation skills, to manage expectations Ability to monitor and control budgets Ability to work under pressure, use initiative and meet deadlines Strong working knowledge of Microsoft Office PMP / PRINCE II certification is a plus Meet our CEO & Founder Richard Loh founded the company in the 90s and still leads and inspires the UK team and global company each and every day. I’ve always found it inspiring and ever so rewarding to work with my retail customers. This is especially true when we build long lasting partnerships and enable them to truly scale and grow. Their success is our success. Show More
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Software with Retail Management Solutions EPOS and Stock Control Schedule meeting Speak to a retail expert Get a quote now Worldwide Clients 0 + About us Retail POS Systems Designed by Retailers Over 30 years’ experience providing Stock Control software and EPOS systems for Fashion, Footwear, Jewellery, Apparel and Lifestyle retailers. 30+ Years’ experience 365 Days of support Learn More About Us Our services EPOS and Stock Control Software with retail management solutions Over 30 years’ experience providing Stock Control software and EPOS systems for Fashion, Footwear, Jewellery, Apparel and Lifestyle retailers. Stock control A holistic view of retail data, including stock inventory, and connected merchandise management tools. Read more Retail EPOS Process sales transactions and much more. Provide the best possible customer service in store. Read more Business Insights Live retail insights to help make better business decisions whenever and wherever you are. Read more REQUEST A DEMO Years’ experience 0 + International offices 0 EPOS units sold 0 Days support 0 Recent EPOS News Eurostop is a one stop shop for your connected retail software and systems Let’s discuss your business requirements and how we can improve your operations VIEW ALL “The Eurostop team did a great job working with our other third party vendors to get the seamless customer experience. Everything works more smoothly, transactions are faster and customer service is improved. They are a truly collaborative vendor and never shy away from their responsibilities. Their approach has always been ‘how can we fix that or make that happen?’ We really do trust Eurostop to look after our business,” Eurostop has made replenishment and fulfilment seamless. The automatic requests save us so much time, we can share stock easily across the warehouse and stores, and fulfil customer orders much faster. The resulting commercial success with our multichannel business is one of the key reasons why we won Drapers Independent Award. Now that our Central European store rollout completed over this past weekend, I just wanted to express my sincere thanks to you and your team for supporting us on what has been an incredibly aggressive rollout schedule. If an internet order comes in that the warehouse cannot fulfil but a store can, the system automatically sends a fulfilment plan to that store. It takes into account branches local to our warehouse thus enabling us to move stock seamlessly to the warehouse to be dispatched. As well as helping us to streamline stock management it’s a totally transparent system that enables us to provide a better service to our customers. We now have an up to date and accurate view of sales and live stock, which supports better replenishment decision making. The shop can request additional stock and we can be sure that we have the right lines in store to meet customer demand – we don’t over order. We launched our concessions into the US Topshop stores at the same time which is a huge growth area for our business. Eurostop’s hosted version gives us the assurance that it can support the expanding business and handle the different currencies as we are increasingly Given the customisation that we required, Eurostop’s reaction time to the project was very impressive – much faster than any of its competitors. Not only have we saved time and reduced overheads, but we are now able to offer a much better service to the branches. At Joseph customer service is of paramount importance to us so we always notice when we receive good service ourselves. Eurostop has always given great service and support. We have an excellent business relationship with Eurostop and since making the decision to go with their products have never looked back. Eurostop has helped us to grow the business by taking care of the systems side of the business while I concentrate on the entrepreneurial side. Our expansion plan means that we need a flexible robust system to manage every aspect of the business and Eurostop’s system more than cater for this need. With Eurostop we have saved so much time because we have the information we need at our fingertips and we are able to take commercial decisions with confidence, knowing that we have the correct information. Previous Next Efficient Centralised Stock Control Eurostop is a one stop shop for your connected retail software and systems. Our award-winning connected suite of retail software enables you to offer your customers a connected omnichannel experience, driving customer loyalty and optimising your business performance. Connected retail software in a connected world. FIND OUT MORE https://www.eurostop.com/wp-content/uploads/2024/11/AdobeStock_408790121.mov Clients Meet Our Believers Let’s Get Started We will help you to achieve your goals and to grow your business. REQUEST A DEMO +44 (0) 208 991 2700 Find out more about Eurostop’s solutions, products and services Email [email protected] Phone +44 (0) 208 991 2700
Strengthening Retail Cybersecurity: A Focus on Retail Stock Control Software
In the face of digital disruption, connected systems and technology have become synonymous with retail and an enhanced omnichannel or unified commerce customer experience. Among the many solutions deployed by retailers, retail stock control software plays a pivotal role in such a system for effective management of inventory and optimising supply chain logistics. However, as the retail industry embraces the technological advancements, it also grapples with the escalating threat landscape posed by cybercriminals. Here, the retail professionals from Eurostop delve into the challenges of cybersecurity in the retail sector and examine how secure retail stock control software assists in fortifying defences against cyber threats. The Retail Sector Today: Navigating Digital Transformation The retail sector is undergoing a significant shift propelled by technological advancements and changing consumer behaviours. From traditional brick-and-mortar stores to online marketplaces and social channels, retailers are harnessing technology to adapt to evolving market dynamics and stay competitive and relevant. This digital transformation has revolutionised core operations, from inventory management and point-of-sale systems to customer relationship management (CRM) platforms. Why is Retail a Prime Target for Cyber-Attacks? Several factors contribute to the attractiveness of retail organisations as targets for cyber-attacks. Firstly, the sheer volume of payment information processed by retailers presents an enticing opportunity for cybercriminals seeking financial gain. Additionally, the extensive network of third-party vendors and supply chain partners introduces vulnerabilities that can be exploited to infiltrate retailers’ systems. Understanding the Cyber-Threat Landscape in Retail Recently, cyberattacks targeting the retail industry have surged in both frequency and sophistication. Retailers are entrusted with a wealth of valuable information, including customer payment details, personal information, and transaction histories, making them prime targets for cybercriminals. The consequences of data breaches in retail extend far beyond financial losses, encompassing reputational damage, regulatory penalties, and an erosion of consumer trust. The Modus Operandi of Cyber Criminals in Retail Cybercriminals employ a diverse array of tactics to target retailers, ranging from phishing and malware to ransomware attacks. Phishing remains a prevalent threat, with cybercriminals masquerading as legitimate entities to deceive unsuspecting employees into divulging sensitive information or clicking on malicious links. Cybersecurity Awareness Training: Empowering the Human Firewall Investing in cybersecurity awareness training is paramount for retailers to give employees the knowledge and tools they need to recognise and respond to cyber threats effectively. By educating staff on phishing detection, secure password practices, and safe browsing habits, retailers can significantly enhance their cybersecurity measures. Third-Party Risk Management for Retailers: Mitigating External Threats Effective third-party risk management (TRPM) is imperative for retailers to mitigate cybersecurity risks stemming from external vendors and partners. Retailers must conduct rigorous assessments of third-party suppliers, evaluating their security posture and adherence to industry best practices. Implementing robust contractual agreements and monitoring mechanisms can help mitigate the potential impact of third-party breaches on retailers’ operations and reputations. Contact us today for cutting-edge retail stock control solutions Eurostop supplies secure retail technology that focus on protecting your valuable systems and data. In addition our services extend to backup and recovery of your data should you be in the unfortunate scenario that you are exposed to a threat. Our priority in this case is to assist you to get up and running with minimal disruption to your business. Optimise your cybersecurity with our innovative retail stock control software. We also specialise in mPOS systems, tenant management solutions, and more. Contact us online today or call +44 (0)20 8991 2700 for more information.
What is a Stocktake Count? A Brief Guide
When customers take time out of their day to visit any of your retail stores, the last thing you want is for them to be met by understocked shelves or have trouble finding what they’re looking for, right? That’s one of the reasons why it’s important to have a stock control system in place, but also critically a process for regular audit of your stock. A stock control system can go a long way in helping to provide transparency of how much stock the business holds, however discrepancies can and often do arise, either due to human error or they can be a sign of a deeper rooted issue such as process problems or theft. A stocktake will help you identify any system stock inaccuracies as soon as possible, leaving you to investigate and diagnose the issue before it becomes a larger problem and affects your business more significantly. Having accurate stock levels not only ensures that you minimise the risk of stockouts, but going one step further, it also provides accurate data on which you base your all-important purchasing, merchandising and allocating decisions for the business. Incorporated correctly into your retail inventory routines, it’s a process that enables you to ensure the proper amount of stock in your warehouses, at all your brick-and-mortar locations and ultimately on your shelves; as well as helping to reduce shrinkage. The retail ERP software experts from Eurostop take a look at both a full and perpetual stocktake and what you need to consider when deciding which option is right for your business. What is a Stocktake Count? A full stocktake is where every item of stock is counted and although not strictly necessary, retailers often opt to shut down operations, or to perform the exercise out of hours to focus fully on the stocktake. A manual count needs to be taken for comparison to the system count to determine how accurate the latter is. In order for this comparison to be meaningful, stock movements need to be frozen so that for example, sales or transfers do not distort the figures and the stock can also be counted accurately. Finding an appropriate time and resources for this operation can understandably be a large undertaking, and yet it is imperative that a stocktake does occur on a regular basis to ensure that everything is running as it should. Is There Another Option? In comparison, a perpetual stocktake involves counting a subset of your stock and using this as an indicator of global stock accuracy. This count is also compared to a snapshot of system stock and because it is a smaller operation, it is much easier to perform during trading hours if desired. Since only a sample set of stock is counted it is much less labour intensive, quicker and less disruptive than a full stocktake. Improving Accuracy During Stocktake Counting It’s important to ensure that you have both the right conditions and resources for whichever stocktake option, or combination, you select. Accuracy is key, so distractions need to be minimised and retailers should ensure that they have the right number of staff on hand to take the count. Some vendors also offer solutions that help automate the counting process which involve barcode scanners to assist in identifying and counting your stock inventory. They can then upload the ‘manual’ count into your system for the all important comparison. Eurostop offers a suite of mobile retail apps, which include both full and perpetual stocktakes. A well organised warehouse and or store portfolio also aids in the process. Which Type of Stocktake is Right for Your Retail Operation? When it comes to selecting the right option, it really depends on how your business operates and what kind of product offering you have, but here are some of the considerations: How quickly is it necessary for any discrepancies to be identified? If you have fast moving product lines, then stock discrepancies can be more significant, leading to stockouts. In this case, implementing perpetual stocktakes can help identify any issues before they affect the business. How Accurate is the Stock Control System? If you find that your stock levels are reasonably accurate and that you have well defined business processes, then you may find that an annual stocktake is sufficient for recalibrating your system figures. Alternatively, some retailers may use a combination of both a full and perpetual stocktake in order to keep the retail business running smoothly. What Are the Benefits of Stocktakes? As we have indicated, stocktakes should be an essential part of your stock control processes. They help to keep your retail operation running as it should and offer business benefits including: Increased accuracy of stock levels Reduced stockouts and improved customer satisfaction Smarter merchandising decisions based on accurate data Improved profits by identifying and providing an opportunity to address shrinkage improve product turnover Contact us today for leading retail ERP software and more The retail ERP software from Eurostop comes with a mobile app named SKapp Stocktake that easily allows you to scan and count stock. This stocktake information can then be automatically uploaded to the head office stock control system and compared to ensure total accuracy. Learn more by contacting us online or calling +44 (0) 20 8991 2700 today.
Planograms & Their Role in Visual Merchandising
Also referred to as retail schematics or shelf-space plans, planograms are a tool that retailers use when planning their store layout, placing special emphasis on their point-of-sale (POS) locations and product placement. As one of today’s leading retail EPOS providers, Eurostop wanted to detail how a planogram can help streamline your processes and boost your bottom line. How are Planograms Used? Firstly, it’s important to understand precisely how planograms are used in the retail management process. Planograms are most often used by larger retailers with ample floor space and storage in their brick-and-mortar stores, however, even if you’re not a large franchise or big-box company you can still draw inspiration from them to help you organise your products and services. Some of the most important aspects of a planogram include showroom organisation, product packaging dimensions, product turnover, and shelving layout. There are six different types of planograms that you can take advantage of, such as: Product placement based on margins Product placement based on commercial status Product placement based on market share Vertical product placement Block product placement Horizontal product placement The right one for you will depend upon your needs, the layout of your retail stores and what you hope to accomplish with your planogram. What Are Some of the Benefits of Retail Planograms? When it comes to your retail stores, using planograms for management and planning purposes offers a host of benefits including: Maximising Your Space One of the foremost advantages of using planograms is that they help you get the most out of your valuable retail space. Ensuring your space is well-organised means that you’ll be running a cost-effective business and helping offset rental costs. Additionally, it enables more effective inventory control and management, as well as provides those that work with third-party vendors rules and guidelines for the space they’re allotted. Maximising Sales The main goal of any retailer is to find innovative ways to increase sales in an easy, efficient manner. Planograms enable you to do exactly that by providing key metrics for your sales and the success of your product display strategies. By implementing planograms over the long term, you can gain insight into what type of product placement works best for your customers and gets you the most returns. It enables the knowledge needed for strategic product placement, such as displaying more expensive items at eye level to attract the consumer’s attention. Planogram Compliance & Resets Before going any further and creating your own planogram, it’s important to understand what planogram compliance means, as well as what a planogram reset entails. The former is quite simple, it means sticking to the plan laid out by your planogram; the latter is when a retailer implements a new planogram that requires extensive layout and display changes. Creating Your Own Planogram There are several ways you can create your own planogram. The right one for you will depend upon your retail goals and the processes you already have in place. The three best ways to execute a successful planogram are to: Use Planogram Software: There is a variety of planogram software available for retailers that want to try their own approach to the process. Some offer free services limited by the number of products, and there are also paid planogram programs that provide more extensive solutions and are designed to be user-friendly and easy to implement. Consult with an Expert: There are many consultants that specialise in creating planograms for every type of retail establishment. For companies that don’t feel it’s necessary to hire an in-house planogrammer for their needs, hiring a third-party one can often provide great results and be more economical. Many employ tactics like behavioural research and buyer persona analysis to provide the best results. Hiring a Planogrammer: A dedicated planogrammer performs services specifically based on your sales goals and customer behaviour. They’ll be able to create a customised retail planogram specifically for your business and goals. Additionally, they’ll also have the insight and visual merchandising expertise to make your retail establishment a success. Key Components of Your Planogram There are some important things to include in a comprehensive planogram. You’ll also need to be able to read it properly if you didn’t create it yourself and instruct your staff on its execution. Firstly, your planogram should include dimensions for your entire store, such as shelves, aisles, and displays. Be precise about what type of display will be used for each section, whether it be slat walls, bins, or other fixtures. Additionally, your team should be aware of what products go where. You should be as detailed as possible and include everything from sizes, pricing, and packaging to shelving details. Always make sure that your team understands your planogram and how it can provide them with insight into how to best help the customers that visit your store. Contact Eurostop today for retail EPOS solutions, inventory control, and more When it comes to helping your retail establishment excel, Eurostop offers a host of tailored solutions for your needs. We provide inventory control solutions to manage your merchandise, mobile POS solutions, business insight and reporting software, and more. Our clients range from independent retailers to large companies with more than 12,000 locations, all around the world. Contact us today for a no-obligation demonstration or call +44 (0) 208 991 2700.
Boost Your Business with The Right Inventory Management Retail Software
Is inventory management taking up too much of your time? Do you have data to hand regarding what stock you are holding in the business, and do you have the right stock to meet demand? Modern retail software, focused on inventory tracking and management, does all this and more. These software packages give modern retailers the tools to make the most of their most valuable asset, stock, and the ability to stay profitable and competitive in a data-driven world. And that’s only the start of all the benefits that effective retail software can bring. Five Big Benefits to Inventory Management Retail Software Save time and money The most straightforward benefit of retail software is that it will automatically and accurately process and track your inventory for you. From purchasing to synchronising stocks and sales from your store estate, online channels and other outlets you might manage, you will have a central and single view of stock. Having either excess or insufficient stock costs your business money – making the difference between a successful retail business and an unprofitable one. Too much stock and you have unnecessary capital tied up, run the risk of depreciation or wastage and face additional warehousing costs. Whereas too little can result in stock outs and negative customer experiences. Not knowing where your stock is or having inaccurate data can also cause problems because you can’t use it effectively. So the return on investment for the right systems definitely pays off. Recognise your top sellers more easily With an inventory management system, accurate and accessible data and insights are power. It’s simple to analyse which products are your best sellers and check how much cover you have, so that you can reorder at the correct time. This allows retailers to plan and merchandise accordingly. Better yet, when retail software is connected to your CRM system, you can also drill down according to demographics or region/location. Discover new target markets and pitch them the products they like best. Once you’ve had retail software in place for a couple years, you’ll have enough data to start generating realistic future trends predictions. Spot your peaks and valleys and optimise stocking in response to maximise your profits. In addition, being able to see what is not selling can also allow you to markdown and plan effective promotions. Optimising Space Warehousing and store estate is precious, so it’s important to make effective use of that space. By knowing what stock you already hold, and what you actually need means that you can manage your stock effectively to save space and minimise costs. Furthermore, well organised warehouses with defined storage and bin locations also allow you to fulfil store and online orders with speed, which can be the differentiator when it comes to great customer service and meeting expectations where next day or even same day delivery are becoming the norm. The right inventory management system will also allow you to report on and therefore allocate to stores and locations according to demand and season. Eliminate overselling Overselling can be the bane of retailers. Missed sales and stock outs not only eat into your potential profits, but they can also result in customer frustration and impact brand loyalty. Having an effective inventory management system lets you identify the best store locations to hold your stock, ensuring that you meet demand. Allocate to your store profile more effectively. For example, you may have higher footfall stores in prime locations where you want to ensure that the racks and store room are well stocked. Making optimal use of staff skills Manual systems are not only time consuming, but also prone to error and frustration. Put your staff skills to better use by having a system that will allow you to accurately process stock with minimal effort. Focusing on other skill sets and training opportunities can definitely boost staff morale and motivation, ensuring a happy workforce. Eurostop Brings Retail Software Insights Eurostop is one of the world’s most trusted vendors of inventory tracking and retail software, with deep analytics and easy integration into your existing business systems. Combine with robust, easy-to-use POS units and you’ve got a retail software solution that saves time and makes money. Click here to order a free demo.